Estate Planning Is a Must for Single Parents

When you are a single parent, you must take action to put an estate plan in place. There is absolutely no way that you can responsibly go through life without making provisions for the well-being of your children if you were to pass away.

This is true regardless of your age. Of course, we all expect to watch our children become adults in their own right, but there are no guarantees. Individuals pass away in accidents and due to sudden catastrophic health conditions each and every day. As sad as it may be, many of them have minor children, and some of them are single parents.

Our attorneys can provide you with the guidance you need. In this post, we will take a look at four things that every single parent should consider.

Guardianship

If you are a single parent, you should include your choice of guardian for your children when you are planning your estate. In the event of your passing, the state would be forced to decide on the fate of your children if you do not assert your own wishes in a legally binding manner.

It should be noted that the court would have to approve of your choice, but they would do so unless there was some reason why the proposed guardian was deemed to be unsuitable.

Financial Resources

How would your children get by financially if you were no longer around to care for them? It is important to make sure that you have made provisions for the well-being of your children from a financial perspective. Life insurance can serve as an income replacement vehicle, and term life is quite affordable for younger adults.

Incapacity Planning

As a single parent, you should make sure that you have the appropriate incapacity planning documents in place. One of these legal devices is called a living will. This type will has nothing to do with financial assets. In a living will, you state your wishes with regard to the use of life-support systems if you are ever in a terminal condition with no hope of recovery.

Durable powers of attorney will also be part of a well-constructed incapacity plan. With a durable power of attorney for health care, you name someone to make medical decisions on your behalf in the event of your incapacitation.

You can also have a durable financial power of attorney to empower an agent to handle your financial decision making if you become unable to manage your own affairs.

Will or Trust

An asset transfer vehicle of some kind will also be part of an estate plan for a single parent. Many people assume that a last will is the right choice, and it could suffice. Since a minor would not be able to directly manage property, you could name a property guardian or custodian under the Uniform Transfers to Minors Act.

Another option would be a revocable living trust. You would be able be able to act as the trustee and the beneficiary while you are alive and well so you would not lose of control of the assets. Your child would be the successor beneficiary, and you would name a successor trustee to administer the trust after your passing.

In the trust declaration, you would be able to provide specific instructions for the trustee. You could allow the beneficiary to assume total possession of the property when they reach adulthood, but more often, parents want a trusted person to manage the property until the children are a little further into adulthood.

Schedule a Consultation!

If you are going through life without an estate plan, whether you are a single parent or not, action is required. We would be glad to sit down with you, learn about your objectives, and help you devise a plan that is ideal for you and your loved ones.

You can schedule a consultation at our Charlotte office or Huntersville office if you give us a call at 704-944-3245. The number in Kentucky is 606-324-5516 (Ashland, KY) or 859-372-6655 (Florence, KY), and there is a contact form on this website that you can use to send us a message.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

*

*

*

CAPTCHA

Phone

This field is for validation purposes and should be left unchanged.

Follow Us

Subscribe to Our Blog

*

*

*

CAPTCHA

Email

This field is for validation purposes and should be left unchanged.

Testimonials

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J.

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Office Hours

Map/Location

Search

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.